The global Thermoelectric Generator market is forecasted to witness a thriving growth by 2022, surpassing its previous growth records in terms of value with a striking double digit CAGR of 14% during the anticipated period.

The Thermoelectric Generator Market is growing at the rapid pace; mainly due to the burgeoning Automotive industry. According to a recent study report published by the Market Research Future, Globally, the market for Thermoelectric Generator has increased its market growth in recent years and is expected to gain prominence over the forecast period.

Thermoelectric Generator converts the heat into electrical energy.

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Increasing demand for fuel efficiency and stringent government regulations towards carbon emission has boosted the market for thermoelectric generator.

Attributed to aggrandized automotive manufacturing across the globe; automotive segment holds the largest share in contributing to the market growth of Thermoelectric Generator Market. The growth in global thermoelectric generators market is likely to be challenged by factors such as high price and low efficiency of the thermoelectric generator.

Thermoelectric Cooling is trending in the global market of Thermoelectric Generator; reason being the array of advantages Thermoelectric Cooling offers. Some of the total advantages include;

The use of thermoelectric modules often provides solutions, and in some cases the ONLY solution, to many difficult thermal management problems where a low to moderate amount of heat must be handled. While no one cooling method is ideal in all respects and the use of thermoelectric modules will not be suitable for every application, TE (Thermoelectric) coolers will often provide substantial advantages over alternative technologies.

A TE module works electrically without any moving parts so they are virtually maintenance free.

The overall thermoelectric cooling system is much smaller and lighter than a comparable mechanical system. In addition, a variety of standard and special sizes and configurations are available to meet strict application requirements.

Ability to Cool below Ambient - Unlike a conventional heat sink whose temperature necessarily must rise above ambient, a TE cooler attached to that same heat sink has the ability to reduce the temperature below the ambient value.

Ability to Heat and Cool with the same module, and Eco Friendly operations. Conventional refrigeration systems cannot be fabricated without using chlorofluorocarbons or other chemicals that may be harmful to the environment.

Thermoelectric devices do not use or generate gases of any kind.

Other advantage of a TE include; Precise Temperature Control, High Reliability, Noiseless Operation, Operation in any Orientation, Convenient Power Supply, Spot Cooling and ability to Generate Electrical Power.

Thermoelectric Generator Market - Competitive Analysis

Characterized by the presence of several major well-established players, the global Market of Thermoelectric Generator appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position.

Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services.

Manufacturers promote premium-quality thermoelectric modules for large volume production units. They strive to develop multistage and custom thermoelectric modules in many shapes and sizes that deliver superior performance with consistent manufacturability.

Manufacturers also strive to offer a wide range of standard thermoelectric modules for cooling, thermal cycling and precision temperature control applications. Well established players invest heavily in the R&D to develop products with the adept technologies that are completely on a different level compared to their competition, unrivalled design and features.

North American region held the largest share of the global thermoelectric generator, followed by the Asia-Pacific. Asia-Pacific is expected to grow at highest CAGR for the thermoelectric generator market.

Increased demand of thermoelectric generators by automotive industries to increase the fuel efficiency and increased industrialization in the region is expected to drive the thermoelectric generator market.

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